Two-Day Federal Income Tax Topics

Topics for 2018 National Income Tax Workbook

New Legislation - Business

This chapter covers business tax legislation that was enacted by the Tax Cuts and Jobs Act (TCJA). It is organized by code section to help participants quickly find topics of interest and includes:

A summary of each provision

Cross-references to other chapters to help participants find further information

Effective dates to help participants keep track of when provisions begin and when they expire

New Legislation - Individual

This chapter covers individual tax legislation that was enacted by the TCJA. It is organized by code section to help participants quickly find topics of interest and includes:

A summary of each provision

Cross-references to other chapters to help participants find further information

Effective dates to help participants keep track of when provisions begin and when they expire

Rulings and Cases

This chapter summarizes selected rulings and cases that were issued from September 2017 through August 2018 to give participants an update on issues that are being addressed by the IRS and the courts. The rulings and cases are organized under topic headings that match the titles of other chapters.

Agriculture and Natural Resource Issues

The depreciation of farm assets, and the new depreciation rules under the TCJA

Qualifying a farm lease for the QBI deduction

The new excess business loss disallowance rules

Business Entity Issues

This chapter discusses current issues in choice of entity and new laws and procedures for tax exempt-entities. Topics include how the TCJA impacts the choice of a business entity, the new exemption application for 501(c)(4) organizations, new rules that allow a 501(c)(3) organization to change its form or place of organization without a new exemption application, and other new developments for tax-exempt entities.

Business Issues

This chapter discusses some of the issues that tax practitioners encounter when they prepare returns for clients who have rental property or operate a business. Topics include:

Comprehensive examples that illustrate how to maximize the QBI deduction for a business

Employee fringe benefits

Calculating the QBI deduction for a real estate investor

Flow-through of the QBI deduction to partners and S corporation shareholders

New rules that impact micro-breweries, wineries, and distilleries

Ethics

This chapter discusses important issues that help practitioners comply with their ethical obligations. Topics include:

Due diligence for FBAR reporting, marijuana clients, and claiming refundable credits or head of household status

IRS Issues

The current-status of the IRS, including a review of the challenges the IRS is facing in trying to implement the new legislation

Payroll and Estimated Tax

This chapter reviews payroll withholding requirements from the employer's perspective and discusses estimated tax payments from the employee's perspective. It includes information on the new wage withholding rules and updated IRS tools to help ensure the correct amount of withholding and estimated tax.

Tax Practice

This chapter contains important tax practices and procedures, including:

When a partnership can and should opt out of the new partnership audit rules

IRS liens and levies

Collection alternatives such as installment plans and currently not collectible status

When the taxpayer owes the IRS interest and when the IRS owes the taxpayer interest

Requesting technical advice from the IRS

Tax Rates and Useful Tables

This chapter reports the tax rates, deduction limits, credit limits, and income thresholds and limits that change each year. It includes information for 2017, 2018, and 2019 to the extent that information is available.